Modern marketing is going through a paradigm shift in digital transformation with the addition of new techniques and methodologies. Generating more leads and demands is the prime objective of marketers today. While most marketers often confuse with marketing terms like demand generation and lead generation, there is a slight difference between them. However, the purpose and desired result of both Demand Generation and Lead Generation is the same, that is sales conversion. Demand generation serves to create a demand for, or interest / awareness in, the company’s products and services through market operations or target marketing programs. Lead generation, on the other hand, is used to collect specific information to learn about your potential clients, to turn them into sales leads. The collected information may be driven by the demographic and statistical data of that particular region.
Demand generation is more about marketing and promoting your products and services after it is launched in the market. It’s more about brand positioning and brand awareness. The prime focus is to create awareness to make people buy your product or a service. All the inbound marketing activities like content marketing, social media marketing, search engine optimization, and branding are the forms that suit demand generation. It is largely influenced by the geographies and demographics play a vital role in this.
Here we will broadly discuss about the strategies to make Demand Generation work in the EU region.
With more stringent laws like GDPR prevailing in the EU region, demand generation is largely affected here with more rules and regulations. Marketers must comply with these regulations if they wish to increase the sales in this region. Hence, like most marketing tactics, demand generation is constantly changing to keep up with consumer demand and buying patterns. Demand generation has emerged as a marketer’s best tool to counter the fundamental changes in the buyer behavior and to widen their reach. Different tools help marketers to understand and meet customers’ needs along with an increase in the engagement rate.
Demand Generation Works Best in European Union
In a diverse marketplace, with different cultures, expectations and goals, business environments and legislative restrictions, demand generation offers the most efficient means of reaching the right people with the right message at the right time. Market automation enables the marketers to address the audience widely at an individual level. Dynamic, analytic tools and big data can help in building relationship with prospects based on their business needs and the circumstances in which they operate. With the help of deep buyer insights and technology use in existing markets, you can be successful as a marketer. One of the key aspects of demand generation is approaching customers keeping their goals and needs in mind.
Adapting With Existing Strategies
Utilizing technology to the maximum extent can enhance the marketing process. In order to run an effective modern-day demand generation campaign in EU one must adhere to the core principles while recognizing and accommodating the differences into your strategic approach.
- Create more opportunities
Marketers’ focus should be on generating more opportunities by using relevant content and inbound marketing strategies considering the demography and geography of a place. Visitors make use of website as a primary search tool during their purchases, so marketers must ensure that it is as targeted as their demand generation marketing efforts.
- Convert opportunities into sales
Once these opportunities are created, marketers should leave no chance to convert it into sales with the help of strong marketing tactics like using personalized content and marketing automation tools that drive their buyer journeys.
- Retain existing customers and value them
It has been found that valuing your customers help in building a relationship with them and increase sales. Marketers should increase purchases using digital marketing techniques to upscale their brand reputation in that region.
- Following the prospects on their buyer journey
Different digital marketing web analytics tools should be used to track and manage a buyer’s journey towards purchase. These analytics tools give you deep insights to see where the buyer is in their journey and what you can do to influence their decision making at each stage.
Tactics For Successful Demand Generation
Successful demand generation requires all three inbound marketing, content marketing, and marketing automation to lead the buyers towards purchase. The best method in this could be having a central function that can share resources to achieve agreed goals.
Search engine optimization and social media are the two important inbound perspectives to attract your audience. According to Marketo, “93% of business buyers use search to begin their journey.”
It deals with what your prospects are seeking on the internet. The goal should be to help your audience find what they are looking for. Work with your team to define authentic keywords and phrases that will reflect prospect searches. Google trends can help you review keywords and trends relevant to your business propositions.
Social media increases your presence and hence increases the ability to be found through communities. It enhances your reach, helps in identifying prospects, nurturing them and even boosting performance. According to a survey, more than 50% of buyers seek information about products on social sites before making any buying decision.
Social media platforms like Twitter, Facebook, LinkedIn, YouTube, etc. should be extensively utilized to achieve this.
According to a report by DemandGen, “95% B2B buyers viewed multiple pieces of content from vendors they ultimately selected.” An effective content should support your business objectives and accelerate the customer along the pipeline towards a sale. Your content should follow a customer-centric approach making it more relevant to prospects.
Data serves to be the lifeline in any marketing automation. Poor data is one of the main causes of failed marketing automation campaigns. Your data is crucial for successful marketing. According to MIT, 65% of management decisions are based on data, not guesswork. Creating a data action plan will ensure you if your records are complete, error-free and up-to-date before you upload it to your marketing automation platform followed by regular reviewing for quality purposes.
- Central management
Marketing automation platforms aid you with a central management of marketing activities along with regional empowerment which enables you to run your integrated campaigns targeting that region. This is of utmost importance, especially when creating demand in a new market.
- Central resources
Marketing automation platforms can also be utilized for sending customized messages depending on the marketer’s needs within pre-defined boundaries and without compromising on the brand values and targeting the audience from distinct geographies.
- Knowing your audience
The most advanced marketing automation may fail if you don’t have audience insights and a clear understanding of their needs.
- Building personas
Along with knowing your audience, building their personas will further help in building relationships. This can be done with the combination of previous experience, existing user-profiles, and market research. Progressive profiling will help you in building a picture of your prospect for better understanding.
- Following real-time trends
Analyzing and aggregating trend data helps you in eliminating ineffective campaigns that are not worthy enough, thus improving the performance and productivity of the campaigns.
- Using customized communication
Most successful demand generation programs involve messaging that is customized for the prospects. Marketing automation helps you in turning an interested individual into a committed, sales-ready prospect.
Demand Generation is fast evolving and if you have the right information and are ready to adapt to some changing trends in demand generation, this can prove to be your strength. And for those focusing on efficiency and lead quality, it will lead to higher conversion rates and ROI. Eventually, new regulations in the EU like GDPR will be a win-win with less spam and unwanted emails for customers and higher quality leads for businesses.